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Concepts of Marketing > Mod 1 > Flashcards

Mod 1 Flashcards

1
Q

Marketing Concept

A

How company wants to earn money

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2
Q

Product

A 
•	Goods
•	Services 
•	Ideas
•	*Understand customer needs
o	Increasing value what is offered
o	Offering goods & services
•	Free gift packaging
o	Design, Packing
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3
Q

Price

A 
•	Given in exchange for goods or services
•	Waiting in long lines for restaurant
•	Giving blood
•	Rent
•	Fees
•	Charges
o	Lower admission
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4
Q

Price Skimming

A

• Pricing NEW product
• Pricing product high to increase profit
o ie: iPhone
 Find out what consumers are willing to pay
 If consumer thinks it is too high, can be lowered
 Create an image of prestige
 If price is lowered, consumers think they’re getting a bargain
• Price can be lowered
• Disadvantage = room for competition

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5
Q

Penetration Pricing

A

• Pricing NEW product
• Enter a market, price the product lower so more people will buy it
• Increase market share
o Consumers may switch brands if the price is low enough
o May discourage competitors

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6
Q

Leader Pricing

A
  • Established products
  • Pricing products below normal cost or below normal mark up to attract consumers to store
  • Loss leader
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7
Q

Prestige Pricing

A
  • High prices indicate high status
  • If prices were lower, consumers would view as low quality
  • Providers known for excellent service
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8
Q

Competitive Pricing

A
  • Setting price of product to competitor pricing

* Use price as feature that differentiates

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9
Q

Promotion

A 
Method to inform and influence customers to buy product
•	Sponsor
•	Presentation
•	Coupons
o	Directly @ point of sale
•	Samples
•	Displays
•	Shows
•	Exhibitions
•	Contest/Sweepstakes
•	Premiums – buy one, get one
•	Loyalty Programs 
o	Like airlines
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10
Q

Advertising

A

• Paid form of promotion by a sponsor delivered through multiple media channels

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11
Q

Personal Selling

A
  • Face to face presentation

* Long term relationships

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12
Q

Sales Promotion

A
  • Activities that promote buying

* Is a direct incentive for consumer to purchase immediately

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13
Q

Public Relations

A
  • Company goals with consumer interest
  • Lobbying, publicity, special events
  • Are least controllable
  • Great deal of relationship-building
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14
Q

Social Media

A
  • Think “buzz”

* Using Facebook, Twitter, Insta to generate buzz

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15
Q

Influencer Marketing

A
  • Paying celebrities

* Paid brand advocates

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16
Q

E-commerce

A
  • Use of company’s website to generate sales

* Think generate sales

17
Q

Content Marketing

A

• Digital marketing, content marketing – creating and sharing online material

18
Q

Guerilla Marketing

A

• Unconventional, innovative

19
Q

Integrated Marketing Communications

A

• Immersive and targeted communication with customers to help move them through the various stages of the buying process

20
Q

Omnichannel Marketing

A

• Unified and consistent communication with customers across all channels a company employs

21
Q

Place

A
  • method of getting the product from the creator to the customer
  • the term “place” refers to the distribution of the product. Place might be a traditional brick-and-mortar store, or it could be online.
  • Transportation
  • Location
  • Supply chain management
  • Online presence
  • Inventory
22
Q

Vertical Marketing Systems

A

Cooperation between multiple levels of a distribution channel

23
Q

Corporate Vertical Marketing System

A
  • Single company owns ALL levels of production/distribution

* Partially owns levels

24
Q

Contractual Vertical Marketing System

A
  • Formal agreement

* Franchise

25
Q

Administered Vertical Marketing System

A

• one member of the channel system effectively controls the system out of sheer power and size

26
Q

PEST

A

political, economic, social, and technological

• provides a framework for looking at the influence of uncontrollable elements in the marketing environment

27
Q

Price fixing (collusion)

A

o When two or more competing companies agree (or collude) on how much to charge for a product or service
 ie: two coffee shops charging the same high price

28
Q

Price discrimination

A

When a company charges different prices to buyers of the same product in order to maximize profit

29
Q

Predatory pricing (undercutting)

A

When a company prices a product or service extremely low to drive out competition

30
Q

Bait and Switch

A

When a company advertises a product for a low price and “switches” a customer to a higher-priced product

31
Q

Price gouging

A

When a company has a monopoly on the market and prices products or services overly high to drive profit

Concepts of Marketing (5 decks)

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